TheGrantLawFirm, PLLC Files Class Action on Behalf of Spectrum Pharmaceuticals, Inc. Securities Purchasers
November 04 2015 - 10:52AM
Business Wire
TheGrantLawFirm, PLLC announces that it has filed a class action
complaint (“Complaint”) on behalf of all securities holders who
purchased the securities of Spectrum Pharmaceuticals, Inc.
(“Spectrum” or the “Company”) during the period between May 7, 2015
until October 23, 2015, inclusive (the “Class Period”). On October
23, 2015, the Company announced that the FDA failed to approve the
new drug application (“NDA”) for one of the Company’s major
potential revenue drivers, Evomela—a drug directed at patients with
multiple myeloma. The Complaint asserts that during the Class
Period, the Company, through the Chairman of its Board and Chief
Executive Officer, Rajesh C. Shrotriya (“Shrotriya”) made repeated
false and misleading statements concerning the ability of Evomela
to drive the Company’s revenues, and provided assuring statements
to the public that the FDA would approve its NDA, allowing the drug
to be marketed immediately. When the truth was disclosed on October
23, 2015, the Company lost approximately 20% of its value and has
yet to recover.
The Complaint asserts that Shrotriya and the Company violated
federal securities laws by disseminating materially false and
misleading information and failing to disclose material facts,
causing the artificial inflation Spectrum’s stock price during the
Class Period. The Complaint seeks to recover damages on behalf of
class members.
If you purchased or otherwise acquired Spectrum securities and
would like to discuss the action, and/or the investigation leading
to the filing of the action, please contact Lynda J. Grant at
212-292-4441 or email her at lgrant@grantfirm.com. Lynda J. Grant
has been representing wronged investors and consumers for over 30
years, and is a New York Metro Superlawyer.
ATTORNEY ADVERTISING
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version on businesswire.com: http://www.businesswire.com/news/home/20151104006201/en/
TheGrantLawFirm, PLLCLynda J. Grant,
212-292-4441lgrant@grantfirm.com
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